My boyfriend is trying to start his business, but has extremely limited resources.?

My boyfriend is trying to startup his own business. He has extremely limited resources, and his credit is poor. Where can he turn to get a small startup loan for about $20,000 that will be on easy terms? Once the company starts to generate money, the repayment of the loan will be paid back quickly. Please, someone help him/me and provide answers to his dream.

Dreams are great to have. The greatest thing about dreams is that they will last. It sounds like your boyfriend really needs to work on his credit first, then worry about opening a business. If he can’t manage his personal finances, how can he expect ANYONE to believe he can manage a business?
If this is something he truly wants to do, he will still want to do it in a year or two. I worked a second job for two years to save the money to start my business without going into debt. And I am happy now that I did. If I had any debt to speak of, I would have been out of business faster than I started.
Alot of entrepreneurs think they have the ultimate system and they will make money hand over fist just by opening their doors for business. I wasn’t quite that bad, but I wasn’t very realistic in my expectations for my business either. My first year was an eye opener. I was busy alot of the time, with limited periods of no work. After all was said and done for the year, I had earned an end profit of just over $12,000. Take into consideration that I averaged 80 hours per week, that works out to be roughly $2.88 per hour. I had not taken a salary out of the business accounts thanks to my wife working full time and our savings covering what she could not.
My point is: Are his expectations realistic? Can he show in hard fact, rather than speculation, that his numbers are attainable? Has he taken everything into consideration? (Rent, payroll, taxes, supplies, utilities, vehicles, hardware, software, business services, insurance, legal fees, etc. etc. ect.) How will a downturn in the economy affect his business? Is his pricing plan comprehensive? Does he have any kind of a safety net (cash reserve) for the company, or for himself? If his work will require inspections, has he thought about what will happen if he has to do rework at his own expense? Where will that money come from? Does he have a business plan? Does he have a marketing plan? What demographic will his business appeal to and how will he attempt to expand on that to include more demographics?
Starting a business takes alot more than just an idea and some cash. It takes alot of planning and groundwork to establish a legal business that will be strong enough to survive difficult times.
Best of luck to you and to your boyfriend. Remember…… You can’t kill a persons dreams.